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North West tech firm negotiates £70million finance deal

chess

Chess has a secured a £70m finance facility from Barclays and Santander to support its growth.

The tech and telecoms company has made more than 100 acquisitions to date and this new cash will provide “additional headroom” for further mergers and acquisitions.

“We are delighted to continue to work with Barclays and to extend our relationship for a further four years. Support from Barclays has proved invaluable in the growth we have achieved over the last seven years,” said Chess founder and chief executive, David Pollock.

“It is clear from the refinancing process that the addition of Santander to our Banking structure will compliment Barclays and we are confident that this combined support will allow us to achieve our ambitious future growth targets.”

Barclays were the mandated lead arranger, agent and co-ordinator and Santander have also joined the Banking group.

“Our industry focus and thorough understanding of the telecoms sector has enabled us to structure a finance solution that fits well with Chess’s acquisition strategy,” added Greg Doran, relationship director, technology, media and telecoms at Barclays.

“We are the only bank with a dedicated Northern TMT team and I am confident the funding from Barclays will allow Chess continued growth and profitability and to maximise their potential.”

Chess has 6 locations in the UK, including Alderley Edge in Cheshire and Burnley, Lancashire.

 

 

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